Doha, December 22 (QNA) – The Qatar Stock Exchange index (QSE) gained 12.09 points, or 0.11 percent at the end of trading this week, rising to the level of 10,988.84 points.
In his remarks to Qatar News Agency (QNA), Financial analyst Tamer Hassan indicated that the market performance during the current week as affected by the international situation, especially the impact of the interest rate on the financial markets, in addition to fluctuation in energy price at levels around USD 80 per barrel.
He pointed out that the general index of the Qatar Stock Exchange ignored important local factors, such as the announcement of the Qatar budget for the fiscal year 2023 and its positive estimates of the QR 29 billion surpluses, the momentum of the FIFA World Cup Qatar 2022 as the country received more than 1.4 million visitors, and the recovery of many economic sectors during this period.
He indicated that the bounded interaction of the stock market performance during the current week is due to the growing influence of external factors on internal factors, causing the index’s weekly gains to be limited at levels of 12.09 points.
In the same context, the financial analyst noted that 2022 still has five more sessions to come to an end, pointing out that portfolios and investment funds managers will arrange the accounting books; therefore, the closures of some stocks will be on purely accounting grounds, and may lead to an increase or decrease in some of them by the end of the year.
The weekly report of QSE revealed that the market value increased by the end of the weeks trading to reach QR 622.959 billion, compared to its level last week, which amounted to QR 619.293 billion, in addition to recording the value of stock trading about QR 1.280 billion through selling 326,759,453 shares, through concluding 49,158 deals.
Hassan indicated that investors and dealers in the stock exchange are awaiting the annual results of companies at the beginning of next year, pointing out that the current year witnessed liquidity flows from the financial markets to banks as a result of the high interest on deposits, which increased their attractiveness, which imposes banks to invest these funds in economic projects to achieve the desired benefit for their customers.
The financial analyst said that if the general index broke the barrier of 11,081 points during the coming period, it would likely rise to 11,400 points, expecting that the results of the FIFA World Cup Qatar 2022 would be reflected in the companies’ results, stimulating the general index and strengthening its gains. (QNA)
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